Global equity markets are trading lower today, being pressured by poor performance of tech stocks. Tech US100 is the worst performing US index as it drops 1.4% while small-cap US2000 declines 1.1%.
Later in the day, investors' attention will focus on Federal Reserve Chairman Jerome Powell's congressional testimony on the Semiannual Monetary Report (3:00 pm GMT). Central banker is likely to be questioned about his opinion on fiscal stimulus but markets will look out for comments on recent increase in US yields.
US100 needs to finish today's D1 candlestick above the lower limit of the Overbalance structure, otherwise the declines could deepen towards support at 12,465 pts. Source: xStation5
Daily summary: Weak US data drags markets down, precious metals under pressure again!
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